EXHIBIT 99.1
Superior Uniform Group Announces Third Quarter Operating Results
* Net Earnings Increase 29% in Comparison With the Third Quarter of
2008
* Net Earnings Increase 79%, in Comparison With the Second Quarter of
2009
* Net Sales Increase 10.5% in Comparison With Second Quarter 2009 Net
Sales
SEMINOLE, Fla., Oct. 22, 2009 (GLOBE NEWSWIRE) -- Superior Uniform Group, Inc. (Nasdaq:SGC), manufacturer of uniforms, career apparel and accessories, today announced that for the third quarter ended September 30, 2009, net sales were $27,605,397 compared with 2008 third quarter net sales of $30,613,175. Earnings from continuing operations were $1,256,954 or $.21 per share (diluted), compared with earnings from continuing operations of $984,786 or $.15 per share (diluted) in the 2008 third quarter.
For the nine months ended September 30, 2009, net sales were $76,293,014, compared with net sales of $95,595,090 in the nine months ended September 30, 2008. Earnings from continuing operations for the nine months ended September 30, 2009 were $1,455,281 or $.24 per share (diluted), versus earnings from continuing operations of $3,110,398 or $.47 per share (diluted) in the first nine months of 2008.
Michael Benstock, Chief Executive Officer, commented: "We are very pleased to report a 29% increase in net earnings in the current quarter despite the tough market conditions. Although the current economic conditions, including general employment levels, remain negative, we were able to show an increase in net sales of 10.5% in comparison with the second quarter of this year. The improvement in our operating results reflects the significant progress we have made reducing our operating costs through both the increased use of our Central American subsidiary, The Office Gurus, and improved operating efficiency. We have generated in excess of $15 million in cash from operations this year and we have eliminated all of our outstanding debt. Our financial position remains very strong and has allowed us to successfully weather this current economic storm while continuing to invest in the future growth of our company. We are actively pursuing potential strategic acquisitions to help further this objective. Finally, w e remain committed to reacquiring shares of our common stock. We have an active repurchase program with an outstanding authorization to repurchase an additional 539,000 shares as of September 30, 2009."
ABOUT SUPERIOR
Superior Uniform Group, Inc., established in 1920, is one of America's foremost providers of fine uniforms and image apparel. Superior manages award-winning apparel programs for major corporations. They are leaders in innovative uniform program designs, global manufacturing, and state-of-the-art distribution. Superior, through their subsidiary "The Office Gurus," is also a near-shore premium provider of cost effective bilingual contact center and office solutions.
Superior's financial strength and resources support a customer's diverse needs while embracing a "Customer 1st, Every Time!" philosophy and culture. Their commitment to service, technology, quality and value-added benefits separates them from the competition in each of their seven primary markets: Healthcare, Hospitality, Food Service, Retail Employee I.D., Government Service, Private Security, and Rental Service. For more information please call (800) 727-8643, or visit their Web site at: www.superioruniformgroup.com. The Office Gurus (www.theofficegurus.com) enhance the overall customer experience for their strategic partners' internal and external customers.
Statements contained in this press release which are not historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties, including without limitation, those identified in the Company's SEC filings, which could cause actual results to differ from those projected.
Comparative figures are as follows:
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
THREE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
2009 2008
----------- -----------
Net sales $27,605,397 $30,613,175
----------- -----------
Costs and expenses:
Cost of goods sold 18,638,756 20,548,954
Selling and administrative expenses 7,241,362 8,470,924
Interest expense 28,325 68,511
----------- -----------
25,908,443 29,088,389
----------- -----------
Earnings from continuing operations
before taxes on income 1,696,954 1,524,786
Taxes on income 440,000 540,000
----------- -----------
Earnings from continuing operations 1,256,954 984,786
Loss from discontinued operations, net of
tax benefits of $0 and $10,000,
respectively -- (8,641)
----------- -----------
Net earnings $ 1,256,954 $ 976,145
=========== ===========
Per Share Data:
Basic
Earnings from continuing operations $ 0.21 $ 0.15
Loss from discontinued operations, net
of tax benefits 0.00 0.00
----------- -----------
Net earnings $ 0.21 $ 0.15
=========== ===========
Diluted
Earnings from continuing operations $ 0.21 $ 0.15
Loss from discontinued operations, net
of tax benefits 0.00 0.00
----------- -----------
Net earnings $ 0.21 $ 0.15
=========== ===========
Cash dividends per common share $ 0.135 $ 0.135
=========== ===========
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
NINE MONTHS ENDED SEPTEMBER 30,
(Unaudited)
2009 2008
----------- -----------
Net sales $76,293,014 $95,595,090
----------- -----------
Costs and expenses:
Cost of goods sold 51,637,676 63,964,391
Selling and administrative expenses 22,547,019 26,380,440
Interest expense 93,038 249,861
----------- -----------
74,277,733 90,594,692
----------- -----------
Earnings from continuing operations
before taxes on income 2,015,281 5,000,398
Taxes on income 560,000 1,890,000
----------- -----------
Earnings from continuing operations 1,455,281 3,110,398
Loss from discontinued operations, net of
tax benefits of $0 and $90,000,
respectively -- (154,610)
----------- -----------
Net earnings $ 1,455,281 $ 2,955,788
=========== ===========
Per Share Data:
Basic
Earnings from continuing operations $ 0.24 $ 0.47
Loss from discontinued operations, net
of tax benefits 0.00 (0.02)
----------- -----------
Net earnings $ 0.24 $ 0.45
=========== ===========
Diluted
Earnings from continuing operations $ 0.24 $ 0.47
Loss from discontinued operations, net
of tax benefits 0.00 (0.02)
----------- -----------
Net earnings $ 0.24 $ 0.45
=========== ===========
Cash dividends per common share $ 0.405 $ 0.405
=========== ===========
SUPERIOR UNIFORM GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30,
ASSETS
------
(Unaudited)
2009 2008
----------- -----------
CURRENT ASSETS:
Cash and cash equivalents $ 8,489,744 $ 219,099
Accounts receivable and other current
assets 20,894,234 22,172,895
Inventories 31,269,921 45,630,943
----------- -----------
TOTAL CURRENT ASSETS 60,653,899 68,022,937
PROPERTY, PLANT AND EQUIPMENT, NET 11,142,850 13,049,885
GOODWILL -- 1,617,411
OTHER INTANGIBLE ASSETS 357,238 595,397
DEFERRED INCOME TAXES 2,690,000 --
OTHER ASSETS 260,567 2,154,623
----------- -----------
$75,104,554 $85,440,253
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES:
Accounts payable $ 5,537,370 $ 5,411,924
Other current liabilities 1,968,104 3,273,196
Current portion of long-term debt -- 1,048,482
----------- -----------
TOTAL CURRENT LIABILITIES 7,505,474 9,733,602
LONG-TERM DEBT -- 3,277,000
LONG-TERM PENSION LIABILITY 7,002,418 972,593
OTHER LONG-TERM LIABILITIES 640,000 635,000
DEFERRED INCOME TAXES -- 145,000
SHAREHOLDERS' EQUITY 59,956,662 70,677,058
----------- -----------
$75,104,554 $85,440,253
=========== ===========
CONTACT: Superior Uniform Group, Inc.
Andrew D. Demott, Jr., CFO
(727) 803-7135
Edelman
Michael McCullough
(404) 832-6372
